In 2013, the company also laid off 900 employees.
Oltchim’s judicial administrators are Rominsolv and BDO Business Restructuring.
Oltchim registered a net profit of RON2.31 billion (EUR518 million) in the first half of 2015, after the annulment of debts worth RON2.35 billion based on its reorganization plan, while from current operations it had a loss of RON9.12 million.
The annulment of debts triggered a gross profit of RON2.35 billion. The tax on profit reached RON32.3 million after registering revenue from the annulment of debts and a loss of RON9.12 million from its current activity, generating a net profit of RON2.31 billion. Its sales rose 35% to RON364 million on the year in January-June 2015.
The total value of investments in the first half of 2015 stood at nearly RON6.1 million and were covered from its own sources. Oltchim has some 2,200 employees.
Oltchim has been under insolvency since January 2013 and its reorganization plan stipulates its sale for at least EUR307 million.
Oltchim halted operations in August 2012 in preparation for a privatization attempt, which failed after the auction winner refused to pay the price agreed with the authorities.
The chemical plant is 54.8% owned by the Economy Ministry, 32.34% by PCC SE, while other shareholders own the remaining stake of 12.85%.